Deal Updates and 42 Wexford St walkthrough

November 2, 2009 by 5 Comments

Well we are looking at another very busy week. We should be closing on the purchase of two more rehabs and putting two finished properties on the market. One of the finished homes is our fire damaged two family at 37 Mansfield St, we actually received an offer on this property Friday…. before we officially even put it on the market…. however the price was a little lower than what we are looking for so we may either negotiate it up, or test the open market and see what we can get.

Also an update on 239 Plumtree Rd; we accepted an offer on this home last week. All inspections have been done and we should be good to close in another 2-3 weeks.

Video Update:

Heres a walkthrough we did of the property at 42 Wexford St in Springfield. This video was shot a few days after we closed on the house……

We’ve got so many projects going it’s hard to keep current video/picture updates on all of them…. but I’ll do my best to keep them coming!!

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Bootcamp and New REO Deal

October 27, 2009 by 5 Comments

We just spent the last 5 days at a Raising Private Money bootcamp in Denver and we had a great time. The event was put on by my friends at Fortune Builders. We learned alot of info, met some great people and made quite a few new business contacts.

Now it’s back to work……

We closed on our first ever REO/MLS purchase last week. Working with the bank and closing the deal went very smooth. This property does need work, we are going to be installing new siding, new windows, adding a new kitchen and redoing both bathrooms. The major problem with this property is the way the second floor bathroom is layed out. They built the tub into the sloping roof line of the house, so if you are over 5 foot 6 there isn’t enough head room to take a shower. To fix this we are going to be gutting the bathroom and rearranging the layout to make it more functional.

Here are some pictures of the house;

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Front View

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Rear View

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Kitchen

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Kitchen

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First Floor Bath

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Living Room

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Living Room 2

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Dining Room

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Second Floor Bathroom

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Second Floor Tub built into Roof Line

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Bedroom 1

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Bedroom 2

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Bedroom 3

 This house has 4 Bedrooms 2 Full Baths and 1,500 square feet.  It has a really nice floor plan and is gonna look great once we’re done with the renovation.

Filed Under: 53 Fullerton St Springfield Tagged With: , , , , , , , ,

37 Mansfield St and New Deal Updates

October 18, 2009 by 2 Comments

Things are still moving fast and furious! We’ve had six closings over the last few weeks with one more scheduled for Monday. In total we sold four of our properties and bought two new rehabs, with a third new rehab set to close Monday. 

We spent today touring some of our projects with a couple of our private lenders from the Boston area. While we were out walking the properties we got two more offers accepted!! One is a MLS listed property that we offered on Thursday. The second is a private owner that we met with on Friday and presented them with an offer. Both are looking to close ASAP so we’re gonna be busy getting everything together for these purchases.  These two properties are on complete opposite ends of the spectrum. The MLS property is in terrible condition and will be a full gut. It’s real nasty and kinda spooky…. just like Bessemer and the Ware House were. The second property is a very light rehab; condition wise it’s probably one of the better houses we’ve purchased. It will need paint and light kitchen and bath updates.

 

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I’ve fallen behind with the updates on the fire damaged multi family on Mansfield St. We’re almost done with this one and should be able to get it to the market next week. Heres a pictorial timeline;

Insualted Walls

All the walls were insulated throughout the house.

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The sheetrock was delivered and put on all three floors.

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All the sheetrock was hung…. it finally looks like a house again!

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Sheetrock gets taped and mudded (is that a word??) 

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Vandals break in and completely TRASH all our new walls 🙁

 
 
 
 
 
 
 
Just kidding…. thats a picture from when we were doing the Demo…. just making sure you’re still paying attention!
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All our new walls are painted in our beautiful TAN

 

These pictures are from a few weeks ago. Right now all the hardwoods have been refinished, all the doors have been hung, everything has been trimmed out, the bathrooms are in and we are finishing up the kitchens. I’ll have some more current pictures/videos pretty soon. 

 Stay Tuned………

Filed Under: 37 Mansfield St Springfield - Multi Family Rehab Tagged With: , , , , , , ,

Bringing Down the House… Part Deux

October 12, 2009 by 2 Comments

Heres a little bonus footage we put together to follow up on my last post.

*Warning: These are trained professionals, please don’t try this at home*  🙂 

Enjoy!

Filed Under: 70 Glenwood St Springfield MA Tagged With: , , , , , ,

Bringing Down the House…..

October 11, 2009 by Leave a Comment

well maybe not the whole house….. just the first floor.

Heres a look at how we fixed the fire damage at 70 Glenwood St. If you remember from my previous post(video or photos), the fire in this property started in the basement and burnt all the floor joists and support beams in the front half of the house. So to fix it we had to cut out the whole floor. Luckily I was there with my camera to capture the whole thing. Heres a look:

Cutting out the Floor

Cutting out the Floor

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First Section Gone

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Second Section Gone!

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Almost There

Ripping out the Last Peice

Ripping out the Last Peice

Can We Save these Hardwoods??

Can We Save these Hardwoods??

All Gone!!

All Gone!!

Looking at the Front Door from the Basement

Looking at the Front Door from the Basement

Heres Whats Left of our Floor!!

Heres Whats Left of our Floor!!

After cutting out the whole floor our contractor rebuilt it from the ground up.
Heres our shiny new floor:
New Floor

New Floor

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And a look from the basement:
New Center Support Beam

New Center Support Beam

New Floor Joists and Plywood

New Floor Joists and Plywood

Whew, that was a lot of work…. I’m tired from just looking at those pictures!!

Filed Under: 70 Glenwood St Springfield MA Tagged With: , , , , , , ,

Plumtree Rd – Finished and Staged

October 6, 2009 by 4 Comments

All the work is complete at Plumtree Rd and it is now cleaned and staged. Here are the finished pictures.

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Kitchen 1

Kitchen 1

Kitchen 2

Kitchen 2

Dining Room

Dining Room

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Fireplace

 

Living Room/Stairwell

Living Room/Stairway

 

First Floor Bath

First Floor Bath

First Floor Tub

First Floor Tub

Second Floor Bath

Second Floor Bath

Second Floor Bedroom

Second Floor Bedroom

Living Room

Living Room

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Glenwood Fire Damage – an Upclose Look

October 4, 2009 by Leave a Comment

Things are moving right along at the Glenwood St project. Last week we passed all our rough inspections and insulation inspection. This week the sheetrockers were there hanging drywall, taping and mudding. Next step is to paint and begin all our finish work.

I made a short video of the fire damage at this property. The fire started in the basement at the old electrical box and burnt up through to the first floor. Most of the damage was done in the basement to the floor joists and support beams, including the main support beam. Have a look:

I’ll show you how we fixed it in the next post…..

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Starting the Week off Right

September 30, 2009 by Leave a Comment

This week started off just like last week….. with a closing on Monday and another on Tuesday.  We sold the Ware House on Monday and sold 39 Brooks St  on Tuesday.

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The Ware House – If you remember this beauty I was up in the air about rehabbing it or just wholesaling it. We closed on it, but because it’s located about 45 minutes outside our normal territory, we couldn’t get any of our contractors to travel out and do the work…. so I ended up putting it on the MLS and got a cash buyer who is going to fix it up and live in it. We only paid $15,000 for this gem so it was pretty easy to flip it out for a quick profit.

 

We are still waiting on the clear to close for Hartford Terrace, we should sell that at the end of this week. We also have two more purchases lined up for next week. These last few weeks have been really crazy as we have worked through all these closings….. by the end of next week we will have closed on seven properties in total, selling four of our properties and buying three new ones! I guess when it rains it pours!!!!!

Filed Under: 39 Brooks St Springfield MA, The Ware House Tagged With: , , , , , , , , ,